Trump says oil companies should cut gas prices after making "too much money"
President Trump has publicly pressured major U.S. oil companies to lower gasoline prices, arguing they have profited excessively from the ongoing conflict in Iran. He specifically criticized Chevron and ExxonMobil, suggesting they should pass savings on to consumers.
Why it matters
This highlights the administration's interventionist approach to energy markets and consumer inflation during geopolitical instability.
President Trump on Monday urged U.S. oil companies to take action to ease gasoline prices, saying that the energy giants "made too much money" from high oil prices due to the Iran war.Mr. Trump's remarks come as Brent crude, the international benchmark, fell more than 4% on Monday to about $84 a barrel amid hopes for diplomatic progress in ending the conflict. Yet oil prices remain considerably higher than their pre-war levels, and U.S. gasoline prices are above $4 a gallon, up from about $3 a gallon before the war.In a recent CBS News poll, about half of Americans said elevated fuel costs are causing them financial difficulties. About eight in 10 of those polled said the Trump administration isn't focusing enough on lowering consumer prices.On Monday, Mr. Trump predicted that oil prices would "drop through the floor" when the Iran conflict is over.
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